Cipher Mining Inc. (NASDAQ:CIFR) Receives Consensus Rating of “Buy” from Analysts

Cipher Mining Inc. (NASDAQ:CIFR) has earned an average recommendation of “Buy” from the eleven brokerages that are covering the stock, MarketBeat.com reports. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $8.03.

A number of research analysts recently issued reports on CIFR shares. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. BTIG Research boosted their price objective on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a report on Tuesday, December 10th. Macquarie lifted their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st.

Cipher Mining Stock Down 0.4 %

Shares of NASDAQ:CIFR opened at $4.64 on Thursday. The firm has a market capitalization of $1.61 billion, a PE ratio of -35.69 and a beta of 2.29. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The firm’s 50-day moving average is $6.11 and its two-hundred day moving average is $4.92.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same period in the previous year, the company earned ($0.07) earnings per share. Analysts predict that Cipher Mining will post -0.18 EPS for the current year.

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total transaction of $392,172.54. Following the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. This trade represents a 11.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,446,623 shares of company stock valued at $9,000,561. 2.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amalgamated Bank grew its stake in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining during the third quarter worth $33,000. Xponance Inc. purchased a new position in Cipher Mining in the 2nd quarter valued at $45,000. W Advisors LLC acquired a new position in Cipher Mining in the 3rd quarter valued at $45,000. Finally, Prospect Financial Services LLC purchased a new position in Cipher Mining during the 3rd quarter worth $47,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.